Coinbase achieves second-highest level of Bitcoin OTC trading volume in history
Today, according to a report by CryptoQuant, a tool for analyzing the on-chain and market data, Coinbase’s Bitcoin over-the-counter (OTC) trading volume has reached a staggering $7.7 billion. This marks a significant increase in trading activity compared to previous months.
In a recent official filing with the Securities and Exchange Commission (SEC) on January 10, it was revealed that spot Bitcoin exchange-traded funds (ETFs) have been approved for listing on major registered national exchanges in the United States, including the Nasdaq, NYSE, and CBOE. This approval comes after years of efforts to introduce this type of financial product.
In response to this announcement, CryptoQuant reported that the purchase of Bitcoin has surged, reaching the highest level since March 21 of the previous year. It is important to note that the trading volume was only $1.3 billion just a month ago, highlighting the rapid growth.
Additionally, Glassnode, a platform specializing in on-chain market intelligence, has reported that the Bitcoin Hash Rate has reached an all-time high, surpassing 600 EH/s. This is equivalent to an astonishing 600 quintillion guesses per second in solving complex cryptographic puzzles.
The report also reveals that on-chain transaction volume is on the rise, with daily settlements exceeding $5.7 billion in economic transfers. This upward trend is also reflected in exchange flows, with a substantial $4.6 billion in daily inflows and outflows, indicating a significant increase in investor activity.
As the market continues to evolve, it is clear that the interest in Bitcoin and cryptocurrency investments is growing rapidly. Investors are closely monitoring market developments and preparing for potential fluctuations. To stay updated on the latest news and trends, follow us on Google News.
